Discipline is the first lesson for you to control your emotions, train your patience, and follow the principles of trading in Olymp Trade. And if you consider Olymp Trade to be a serious money-making channel, this is the first challenge you must do: “Withdraw $15 every day consecutively for 10 days with a capital of $50”.
In this article, I will share the lesson of discipline in trading. Also, I will show you how to do it.
“Those who are not disciplined are slaves of emotions, desires, and passions.”
Video on proof of withdrawing $15 every day for 10 consecutive days in Olymp Trade
A lesson about discipline during trading in Olymp Trade
2 main factors that make you lose money, even a lot of money in Olymp Trade are emotions and patience.
Money is the cause of all problems. When it comes to money, your mind will start to waver. If you win, you start being subjective (self-satisfied). If you lose, it is easy to get angry and impatient.
So, whether you win or lose, you may have emotional problems. And when you can no longer control your own emotions, at any trading platform, not just Olymp Trade, the loser is always you.
This is the eternal problem for traders: Unable to control your emotions.
You will be told like this: Combining several indicators and candlesticks will give you a trading strategy with a high win rate. And the market is always repeating. Just wait for entry signals and follow the strategy correctly. You will make money in trading.
This fairy tale has been told for hundreds of years to beginners. And I believe it will be like this for a lot of people in the future. However, as I said: “It’s just a fairy tale.”
The reason is simple: No one is patient enough to do that.
Let’s imagine. You sit for hours looking at the candlestick chart. There are lots of currency pairs, commodities, indices, etc. Indicators and candlestick patterns give you lots of signals. All seem to be telling you to “Open an order”. This is also a trick that brokers present before your eyes. And when you lose patience, you lose money.
There is only one way you can make money in Olymp Trade. Only open orders with high winning probability which you are willing to trade with your own money. And to do this, you need a lot of patience and discipline in trading.
Why is discipline the deciding factor?
Answers: Because it helps you overcome emotional factors and maintain patience.
This is why successful traders value discipline. It helps you adhere to the rules, stay in control, and focus on one specific goal that is profit.
What I have done in Olymp Trade is very simple:
– Learn a strategy and then verify its efficiency with a Demo account.
– Deposit $50 into the Olymp Trade account.
– Focus on trading signals
– If everything is correct, open the order.
– Earn enough to reach the target then withdraw money to the bank account and stop trading.
Repeating these simple things exactly every day is discipline.
How to earn $15 every day in Olymp Trade
Are you interested in this? Depositing $50 and withdrawing $15 is not difficult. But depositing $50 and withdrawing $15 every day in 10 consecutive days is not something that everyone can do.
I will share my method.
You need a method to do anything. So does Olymp Trade. You also need a method with a win rate high enough so that you can make money. If you don’t have a method for yourself, read this series of articles:
Naturally, please verify them yourself on a Demo account. It is to know exactly the efficiency of each of these methods in Olymp Trade.
Making money is a plan. How can you earn $15 per day with a capital of $50?
Assuming the profit rate is 82%, how many orders do you need to open per day? And how much money is that for each order? This is the plan. I will give you 2 examples to make it easy to imagine.
Example 1: Balanced investment capital management.
On June 1, I opened a total of 10 orders with $5 each. The win rate was 70% (7 wins – 3 losses). And the profit rate for each winning order was 82%.
Result: The profit on June 1 was $ 13.7. I stopped and withdrew $15. I temporarily considered it as correctly following the plan.
Example 2: Martingale capital management.
In this strategy, I will multiply the investment by 2.5 if the previous order is a losing one. So, it will be 4, 10, 25. This means: I open the 1st order with $4. If I lose, I will open the 2nd order with 10$. If I lose again, I will open the 3rd order with 25$.
So, with a capital of $50, we will have a cycle of 3 orders. Losing all 3 orders means empty-handed. If I win any order, I will then return to $4 as before.
Of course, using the Martingale method with a strategy that has a winning rate of 70% is nothing to be afraid of. But it is not suitable if you are new and have not learned patience. So, I just illustrate and do not encourage you to practice.
Specifically: On June 3, I opened a total of 6 orders (4 wins – 2 losses). These were divided into 4 cycles.
- 1st order – $4 investment – lost.
- 2nd order – 10$ investment – won – 8.2$ profit.
=> So the profit of cycle 1 was $ 4.2
- Started over with the 2nd order – 4$ investment – won.
=> The profit was 3.28$
- It’s the same as cycle 1: I lost the 1st order but won the 2nd order
=> The profit was 4.2$
- Started with the 1st order – 4$ investment – won.
=> The profit was 3.28$
Result: After 6 orders divided into 4 cycles, The total profit was approximately $16. I withdrew the money and stopped.
Suitable trading strategy
The combination of a trading method and a capital management method, I call it a trading strategy. It is accompanied by a number of certain principles to make your strategy more perfect.
And during the process of learning with a DEMO account, you will create your own suitable trading strategy in Olymp Trade.
Discipline, discipline, and discipline in Olymp Trade
“Always believe the right things, and do the things you believe.”
You have verified your strategy many times through weeks with your DEMO account. And you believe that: It is correct. It works. So now, do exactly what you believe. Do it accurately and regularly.
I consider this the first challenge you need to overcome. Withdraw $15 from Olymp Trade every day no matter if it is the profit or capital, as long as you stop and withdraw “real money” into your bank account.
In this way, your account is always secure. At the same time, you will create good habits in trading.
I completed the challenge: “Withdraw $15 every day from Olymp Trade with a capital of $50”. I will repeat this with a bigger amount of capital in a new challenge called: “Withdraw $50 every day from Olymp Trade in 20 consecutive days”. This is my method of making $1,000 from Olymp Trade. Stay tuned for that article. Love.